Japan Airlines' share price may have plunged below Y10 but one set of investors has found some value in the struggling carrier. Air travellers bought JAL stock yesterday to obtain discounted fares that the airline offers to shareholders.

日本航空(JAL)的股价或许已暴跌至每股10日元下方，但有一类投资者发现，这家苦苦挣扎的航空运营商仍存在某些价值。航空旅客昨日买进了日航股票，以获得该公司提供给股东的折扣票价。

More than 1bn JAL shares changed hands, a record for one day's trading in a Tokyo Stock Exchange-listed company, and the airline finished Y1 higher at Y8.

日航股票昨日的成交量超过10亿股，创东京证券交易所(TSE)上市公司单日成交量纪录。日航股价上涨1日元，收于每股8日元。

Brokers attributed most of the buying to institutional investors closing short positions in the carrier's shares, which started the year worth Y88. After the government firmed up plans to push it into bankruptcy, the group is expected to file for court protection next week.

股票经纪人将该股的大多数买盘归结于机构投资者在解除空头头寸。今年初，日航股价还曾为每股88日元。在日本政府敲定让日航进入破产程序的计划后，该集团预计将于下周向法庭申请破产保护。

But it appears some investors have bought shares calculating that the value of travel discounts they receive from owning stock will more than offset losses on their investment.

不过，某些买进该股的投资者似乎是在算计：他们因持有该股而获得的票价折扣，其价值会超过因投资该股而遭受的损失。

JAL offers a half-price domestic flight a year to owners of 1,000 shares, and more flights to larger investors. Its biggest shareholders, those owning more than 210,000 shares, can take more than 100 half-price trips a year.

日航每年会向持有该公司1000股股票的股东提供一张半价国内机票；持股量越大，得到的半价机票就越多。那些持股量最大（超过21万股）的股东，每年可获得100多张半价机票。

“JAL has always been a popular retail stock,” said one broker. “People buy it in part for the goodies, like discount fares.”

一位经纪人表示：“日航一直是一只颇受散户欢迎的股票。人们买进该股，部分是为了捞到一些好处，例如折扣票价。”

Domestic flights in Japan can cost Y30,000 ($330) or more each way. That means that, at JAL's current share price, its investor discount could be worth twice the minimum stock buy-in. Cashing in, however, is dependant on the airline continuing to offer the perk while in bankruptcy protection, an outcome that is far from guaranteed.

日本国内航班的单程票价可能要每张3万日元（合330美元）或更高。也就是说，按照日航当前的股价，投资者所获折扣的价值可能相当于最低买入量（1000股）股票价值的两倍。但投资者若想捞到好处，日航必须要在破产保护期间继续提供这一折扣，而这一点远非板上钉钉之事。

译者/汪洋